S.L. 487.9 Art. 4Supervisoryfeesin relation to insurance agents, managers and brokers. 

(1) A natural person registered under article 13 of the Act shall, subject to the provisions of sub-regulation (2), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable:

Provided that the first annual supervisory fee due in accordance with this sub-regulation shall be prorated according to the period remaining between the date when a natural person is registered under article 13 of the Act and the date when the next annual supervisory fee is due in accordance with sub-regulation (2).

(2) The first annual supervisory fee due in accordance with sub-regulation (1) shall be paid to the competent authority on the date when a natural person is registered under article 13 of the Act, and every annual supervisory fee following the first supervisory fee which is due in accordance with the said sub-regulation shall be paid to the competent authority on the 31st January of each calendar year.

(3) A person enrolled in the Agents List or the Brokers List shall, subject to the provisions of sub-regulation (6), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable:

Provided that, in any case, the annual supervisory fee shall not be less than the minimum annual supervisory fee established in the Second Schedule, as applicable.

(4) Without prejudice to the provisions of sub-regulation (3), a cell company that has been enrolled in the Brokers List shall, subject to the provisions of sub-regulation (6), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable:

Provided that where such a cell company has created one (1) or more cells in accordance with regulation 8 of the

Companies Act (Cell Companies Carrying on Business of Insurance) Regulations, it shall also pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable, with respect to every such cell:

Provided further that, in any case, the annual supervisory fee shall not be less than the minimum annual supervisory fee established in the Second Schedule, as applicable.

(5) Notwithstanding the provisions of sub-regulations (3) and (4), the first annual supervisory fee due to the competent authority in accordance with the said sub-regulations shall be the aggregate of the following:

(a) the minimum fee established in the Second

Schedule, as applicable, prorated according to the period remaining between the date when a person or a cell as referred to in sub-regulation (3) or (4), as applicable, is enrolled under article 13 of the Act or created in accordance with regulation

8 of the Companies Act (Cell Companies Carrying on

Business of Insurance) Regulations, as applicable, and the end of the calendar year in which such enrolment or creation took place; and

(b) the minimum fee established in the Second Schedule, as applicable, prorated according to the period between the start of the following calendar year and the date when the next supervisory fee is due in accordance with sub-regulation (6).

(6) The first annual supervisory fee due in accordance with sub-regulation (5) shall be paid to the competent authority on the date when a person or a cell as referred to in sub-regulation (3) or (4), as applicable, is enrolled under article 13 of the Act or created in accordance with regulation 8 of the Companies Act (Cell Companies

Carrying on Business of Insurance) Regulations, as applicable, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation (3) or (4), as applicable, shall be paid to the competent authority one (1) month from the date of submission of the insurance intermediaries statements as established by law.

(7) Any person, including a cell company, enrolled in the Managers List shall, subject to the provisions of sub-regulation (9), pay to the competent authority an annual supervisory fee which shall be the aggregate of the following:

(a) the fixed supervisory fee established in the Second Schedule, as applicable; and

(b) the variable supervisory fee established in the Second Schedule, as applicable, with respect to every appointment taken on by such person:

Provided that where such a cell company as referred to in this sub-regulation has created one (1) or more cells in accordance with regulation 8 of the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations, it shall also pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable, with respect to every such cell.

(8) Notwithstanding the provisions of sub-regulation (7), the first annual supervisory fee due in accordance with the said sub-

regulation shall be prorated according to the period remaining between the date when a person or a cell as referred to in the said sub-

regulation is enrolled under article 13 of the Act or created in accordance with regulation 8 of the Companies Act (Cell Companies

Carrying on Business of Insurance) Regulations, as applicable, and the date when the next annual supervisory fee is due in accordance with sub-regulation (9).

(9) The first annual supervisory fee due in accordance with sub-regulation (8) shall be paid to the competent authority on the date when a person or a cell as referred to in sub-regulation (7) is enrolled under article 13 of the Act or created in accordance with regulation 8

of the Companies Act (Cell Companies Carrying on Business of

Insurance) Regulations, as applicable, and every annual supervisory fee following the first supervisory fee which is due in accordance with the provisions of sub-regulation (7) shall be paid to the competent authority on the 31st January of each calendar year.

(10) A local company enrolled under article 13 of the Act that has established a branch in Malta in accordance with article 11 of the said Act shall, subject to the provisions of sub-regulation (11), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable, with respect to every such branch.

(11) The annual supervisory fee due in accordance with he provisions of sub-regulation (10) shall be paid to the competent authority on the date when a person is granted approval in accordance with article 11 of the Act to establish a branch in Malta and annually thereafter on the date when such approval was granted.